Compelling Banks To Lend At Bazooka Point

And so here we are. The Fed slashed interest rates to 1.50% and banks are unwilling to lend.

All the Fed and Treasury have accomplished so far was to put over a trillion dollars of taxpayer money at risk, and in doing so caused long term interest rates to spike up. This of course puts still more pressure on the housing sector. Someone needs to tell Paulson to go to hell but no one at the table had enough courage to do it.